The entrepreneur is a different breed of human. Long hours, no pay, setback after setback fuels the fire from within. Entrepreneurs are wired differently. Giving up isn’t an option. Failure becomes an asset.
Big tech companies and large corporations tend to steal the spotlight, however, small businesses are the backbone of the American economy. According to recent data, not only are the majority of jobs in the U.S. created by small businesses, but they are also a major source of innovation, economic growth, and national prosperity.
Resilience is the ability to bounce back from failures, stay focused on long-term goals, and remain open to pivoting when necessary.
Analyze the Data. If it’s working, keep it- If it isn’t, Change it
As small business owners we face challenges and setbacks all the time. If you can learn from loss, adapt and implement new strategies, you’re more likely to succeed. Analyze the data, look at your strategy and observe the patterns to make necessary adjustments.
Analyzing Strategies for growth
Adaptation
Identify Winning Strategies
Make informed decisions
Improve chances of success
Resilience
Bounce Back from Failure
Stay focused on long-term goals
Remain open to pivoting when necessary
-Chart provided by Forbes Advisor, 2024
Change is Inevitable, Plan for it.
If something isn’t working, be willing to bend, shift or change directions. Embracing change and being willing to adapt is crucial for success as a small business owner. Pivoting allows you to stay ahead of the competition and take advantage of new opportunities.
It requires a mindset that is open to exploring different paths and strategies, even if it means deviating from the original plan.
By embracing change and being flexible, you can leverage new information, make informed decisions and drive innovation- keeping you two steps ahead of the game.
Change the way you look at things & the things you look at Change
When faced with adversity, it's easy to get bogged down in negativity and lose sight of the bigger picture. But, as a skilled entrepreneur, reframing your perspective to find the silver lining is the name of the game.
Ask yourself: "What can I learn from this experience?" or "How can I use this challenge to grow?" Keeping a growth mindset helps turn adversity into an advantage.
Cultivate a Growth Mindset
The difference between those who crack in the face of adversity and those who thrive is the way you choose to look at things.
Adopting a growth mindset offers the opportunity to look at your stumbling blocks as stepping stones. This perspective shift can make all the difference in your ability to bounce back from setbacks and turn adversity into an advantage.
What’s the MORAL of this STORY?
The only way to ensure you NEVER FAIL, is to NEVER TRY.
The founder of Pandora reached out to investors 300 times before getting funding. And James Dyson invented 5,126 failed vacuum cleaner prototypes before getting one right.
Epic inventor Thomas Edison generated 10,000 prototypes for electric light bulbs before getting it right, according to the infographic below, created by San Francisco-based startup organization Funders and Founders. And Colonel Sanders, the founder of KFC, was rejected 1,009 times when he tried to sell his fried chicken recipe.
You can be wrong a million times, but remember- you only need to be right once.
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